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Large Pool of the First Time Buyers to Give Meteoric Growth to the Asian Digital Camera Industry

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  • 1. 1© This is a licensed product of Ken Research and should not be copied
  • 2. TABLE OF CONTENTSTable of ContentsList of FiguresList of Tables1. Asia Digital Camera Industry and Forecast 1.1. Asia Digital Camera Market Introduction 1.2. Asia Digital Camera Market Size by Shipments, 2006-2012 1.3. Asia Digital Camera Market Segmentation, 2006-2012 1.3.1. Asia Built-in-Lens Camera Market 1.3.2. Asia Interchangeable Lens Camera Market2. India Digital Camera Market Introduction 2.1.1. India Digital Camera Market Size by Shipments, 2006-2012 2.1.2. India Digital Camera Market Segmentation, 2006-2012 2.1.3. India Built-in-Lens Camera Market 2.1.4. India Interchangeable Lens Camera Market 2.1.5. India Digital Camera Market Competitive Landscape 2.1.6. India Digital Camera Market Future Outlook and Projections, 2013-2017 2.1.7. India Digital Camera Market Macroeconomic Factors: Current and Projections3. China Digital Camera Market Introduction 3.1.1. China Digital Camera Market Size by Shipments, 2006-2012 3.1.2. China Digital Camera Market Segmentation, 2006-2012 3.1.3. China Built-in-Lens Camera Market 3.1.4. China Interchangeable Lens Camera Market 3.1.5. China Digital Camera Market Future Outlook and Projections, 2013-2017 3.1.6. China Digital Camera Market Macroeconomic Factors: Current and Projections4. Japan Digital Camera Market Introduction 2 © This is a licensed product of Ken Research and should not be copied
  • 3. 4.1.1. Japan Digital Camera Market Size by Shipments, 2006-2012 4.1.2. Japan Digital Camera Market Segmentation, 2006-2012 4.1.3. Japan Built-in-Lens Camera Market 4.1.4. Japan Interchangeable Lens Camera Market 4.1.5. Japan Digital Camera Market Competitive Landscape 4.1.6. Japan Digital Camera Market Future Outlook and Projections 4.1.7. Japan Digital Camera Market Macroeconomic Factors: Current and Projections5. Asia Digital Camera Market Trends and Developments6. Asia Digital Camera Market Future Outlook and Projections, 2013-2017 6.1. Cause and Effect Relationship between the Dependent and Independent Factors Prevailing in the Asian Digital Camera Market 6.2. Asia Digital Camera Market Future Projections, 2013-20177. Other Asian Countries Digital Camera Market Introduction and Size, 2006-2012 7.1. South Korea Digital Camera Market Introduction 7.1.1. South Korea Digital Camera Market Size by Sales, 2006-2012 7.1.2. South Korea Digital Camera Market Segmentation, 2006-2012 7.1.3. South Korea Digital Camera Market Competitive Landscape 7.1.4. South Korea Digital Camera Market Future Outlook and Projections, 2013-20178. Other Asian Countries Digital Camera Markets Future Outlook and Projections, 2013-20179. Appendix 9.1. Market Definition 9.2. Abbreviations 9.3. Research Methodology 9.4. Disclaimer 3 © This is a licensed product of Ken Research and should not be copied
  • 4. LIST OF FIGURESFigure 1: Asia Digital Camera Market Size by Shipment in Million Units, 2006-2012Figure 2: Asia Digital Camera Market Segmentation by Built-in Lens Cameras andInterchangeable Lens Cameras, 2006-2012Figure 3: Asia Built-in Lens Camera Market Size by Shipment in Million Units, 2006-2012Figure 4: Asia Built-in Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 5: Asia Interchangeable Lens Camera Market Size by Shipment in Million Units, 2006-2012Figure 6: Asia Interchangeable Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 7: Asia Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012Figure 8: Asia Interchangeable Lens Market Segmentation by Lenses for 35 mm format camerasand Lenses for < 35 mm Format Cameras, 2006-2012Figure 9: Asia Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inMillion Units, 2006-2012Figure 10: Asia Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inMillion Units, 2013-2017Figure 11: Asia Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2006-2012Figure 12: Asia Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2013-2017Figure 13: Asia Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017Figure 14: India Digital Camera Market Size by Shipment in Million Units, 2006-2012Figure 15: Breakup of India Digital Camera Market Size by Value in Percentage, 2012Figure 16: India Digital Camera Market Segmentation by Cameras with Built-in Lens andCameras with Interchangeable Lens, 2006-2012Figure 17: India Built-in Lens Cameras Market Size by Shipment in Million Units, 2006-2012Figure 18: India Built-in Lens Camera Market Size by Shipment in Million Units, 2013-2017 4 © This is a licensed product of Ken Research and should not be copied
  • 5. Figure 19: India Interchangeable Lens Camera Market Size by Shipment in Thousand Units,2006-2012Figure 20: India Interchangeable Lens Cameras Market Size by Shipment in Thousand Units,2013-2017Figure 21: India Interchangeable Lens Market Size by Shipments in Thousand Units, 2006-2012Figure 22: India Interchangeable Lens Market Segmentation by Lens for 35 mm Format Camerasand Lens for < 35 mm Format Cameras, 2006-2012Figure 23: India Interchangeable Lens for 35 mm Format Cameras Market Size by Shipment inThousand Units, 2006-2012Figure 24: India Interchangeable Lens for 35 mm Format Cameras Market Size by Shipment inThousand Units, 2013-2017Figure 25: India Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipment inThousand Units, 2006-2012Figure 26: India Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipment inThousand Units, 2013-2017Figure 27: India Interchangeable Lens Market Size by Shipments in Thousand Units, 2013-2017Figure 28: Market Share of Major Players in Digital Compact Camera Market of India by Sales,2011 and 2012Figure 29: Market Share of Major Players in DSLR Camera Market of India, 2011 and 2012Figure 30: India Digital Camera Market Size Future Outlook by Shipments, 2013-2017Figure 31: India Total Population in Million, 2006-2017Figure 32: India Personal Disposable Income in USD Million, 2006-2017Figure 33: India Outbound Tourists in Million, 2006-2017Figure 34: China Digital Camera Market Size by Shipment in Million Units, 2006-2012Figure 35: China Digital Camera Market Segmentation by Cameras with Built-in Lenses andCameras with Interchangeable Lenses, 2006-2012Figure 36: China Built-in Lens Camera Market Size by Shipment in Million Units, 2006-2012Figure 37: China Built-in Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 38: China Interchangeable Lens Camera Market Size by Shipments in Million Units,2006-2012 5 © This is a licensed product of Ken Research and should not be copied
  • 6. Figure 39: China Interchangeable Lens Camera Market Size Future Outlook by Shipment inMillion Units, 2013-2017Figure 40: China Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012Figure 41: China Interchangeable Lens Market Segmentation by Lens for 35 mm FormatCameras and Lens for < 35 mm Format Cameras, 2006-2012Figure 42: China Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inMillion Units, 2006-2012Figure 43: China Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inMillion Units, 2013-2017Figure 44: China Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2006-2012Figure 45: China Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2013-2017Figure 46: China Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017Figure 47: China Digital Camera Market Size by Shipment in Million Units, 2013-2017Figure 48: China Population in Million, 2006-2017Figure 49: China Personal Disposable Income of the Population IN USD Million, 2006-2017Figure 50: China Inbound Non Resident Tourists in Million, 2006-2017Figure 51: China Smartphone Shipments in Million, 2006-2012Figure 52: Japan Digital Camera Market Size by Shipment in Million Units, 2006-2012Figure 53: Japan Digital Camera Market Segmentation by Cameras with Built-in Lenses andCameras with Interchangeable Lenses, 2006-2012Figure 54: Japan Built-in Lens Camera Market Size by Shipment in Million Units, 2006-2012Figure 55: Japan Built In Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 56: Japan Interchangeable Lens Camera Market Size by Shipment in Million Units, 2006-2012Figure 57: Japan Interchangeable Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 58: Japan Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012 6 © This is a licensed product of Ken Research and should not be copied
  • 7. Figure 59: Japan Interchangeable Lens Market Segmentation by Lens for 35 mm FormatCameras and Lens for < 35 mm Format Cameras, 2006-2012Figure 60: Japan Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inThousand Units, 2006-2012Figure 61: Japan Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inThousand Units, 2013-2017Figure 62: Japan Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2006-2012Figure 63: Japan Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2013-2017Figure 64: Japan Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017Figure 65: Market Share of Major Brands in the Digital Camera Market of Japan, 2011Figure 66: Market Share of Major Players in the Mirrorless Camera Market of Japan, 2010-2012Figure 67: Market Share of Major Players in the Compact Camera Market of Japan, 2012Figure 68: Japan Digital Camera Market Size by Shipments in Million Units, 2013-2017Figure 69: Japan Population in Million, 2006-2017Figure 70: Japan Personal Disposable Income in USD Million, 2006-2017Figure 71: Japan Inbound Non-resident Tourists in Million, 2006-2017Figure 72: Asia Digital Camera Market Size by Shipments in Million Units, 2013-2017Figure 73: Other Asian Countries Digital Camera Market Size by Shipment in Million Units,2006-2012Figure 74: South Korea Digital Camera Market Size by Sales in Million Units, 2006-2012Figure 75: South Korea Digital Camera Market Segmentation by Compacts, DSLRs andMirrorless cameras, 2006-2012Figure 76: South Korea Compact Point & Shoot Camera Market Size by Sales in ThousandUnits, 2006-2012Figure 77: South Korea Digital Compact Point & Shoot Camera Market Size by Sales inThousand Units, 2013-2017Figure 78: South Korea DSLR Camera Market Size by Sales in Thousand Units, 2006-2012 7 © This is a licensed product of Ken Research and should not be copied
  • 8. Figure 79: South Korea DSLR Camera Market Size by Sales in Thousand Units, 2013-2017Figure 80: South Korea Mirrorless Cameras Market Size by Sales in Thousand Units, 2010-2012Figure 81: South Korea Mirrorless Camera Market Size by Sales in Thousand Units, 2013-2017Figure 82: Market Share of Major Players in Digital Compact Camera Market of South Korea,2011 and 2012Figure 83: Market Share of Major Players in the DSLR Camera Market of South Korea, 2011and 2012Figure 84: Market Share of Major Players in the Mirrorless Camera Market of South Korea,2011 and 2012Figure 85: South Korea Digital Camera Market Size by Sales in Million Units, 2013-2017Figure 86: Other Asian Countries Digital Camera Market Size by Shipments in Million Units,2013-2017 8 © This is a licensed product of Ken Research and should not be copied
  • 9. LIST OF TABLESTable 1: India Digital Camera Market Size by Value in USD Million, 2012Table 2: Market Share of Major Players in the DSLR camera Market of Japan, 2006-2012Table 3: Cause and Effect Relationship Analysis between Industry Factors and Expected DigitalCamera Market Prospects in AsiaTable 4: South Korea Digital Camera Market Size by Sales Revenue in USD Million, 2010-2012Table 5: Correlation Matrix for China Built-in Lens Camera MarketTable 6: Regression Coefficients Output 9 © This is a licensed product of Ken Research and should not be copied
  • 10. ASIA DIGITAL CAMERA MARKET SIZE BY SHIPMENTS, 2006-2012……..represents ~% in the total shipments of the digital cameras across the globe. This makesthe region the largest digital camera market in the world on the basis of the shipments. Theshipments of the digital cameras have grown at a CAGR of ~% during 2006-2012, where theshipments have reached ~ million units in 2012 by growing from ~ million units in 2006.Figure: Asia Digital Camera Market Size by Shipment in Million Units, 2006-2012 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2006 2007 2008 2009 2010 2011 2012ASIA INTERCHANGEABLE LENS MARKET INTRODUCTION AND SIZE, 2006-2012……….owing to the growing consumer demand for the interchangeable lens cameras. Theshipments of the interchangeable lenses to the region have grown at a CAGR of ~% during 2006-2012. The shipments of these lenses have reached ~ million units in 2012 by growing from ~million units in 2006. The high growth in the disposable income of the population and lowpenetration level of the digital cameras among the consumers has ………… 10 © This is a licensed product of Ken Research and should not be copied
  • 11. Figure: Asia Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2006 2007 2008 2009 2010 2011 2012INDIA DIGITAL CAMERA MARKET SIZE BY SHIPMENTS, 2006-2012The Indian digital camera market has experienced a strong growth over the last six years inwhich the market has grown at a CAGR of ~% during 2006-2012. The size of the Indian digitalcamera market was ~ million units annually by shipments in 2012. While in 2006 only ~ millionunits of the digital cameras were shipped to the Indian market. A combination of several industryfavorable factors such as sound economic growth, high consumer spending, low penetration levelof digital cameras ………..Figure: India Digital Camera Market Size by Shipment in Million Units, 2006-2012 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2006 2007 2008 2009 2010 2011 2012 11 © This is a licensed product of Ken Research and should not be copied
  • 12. Table: India Digital Camera Market Size by Value in USD Million, 2012Segment Market Size by Value in INR Market Size by Value in USD Crores MillionCompact Point & Shoot CamerasDSLRsInterchangeable Lenses andaccessoriesTotalINDIA INTERCHANGEABLE LENS MARKET SEGMENTATION, 2006-2012…………share of the interchangeable lenses for 35 mm format cameras in the Indianinterchangeable lenses market has declined from ~% in the year 2006 to just ~% in 2012 on thebasis of shipments. While on the other hand the share of the interchangeable lenses for < 35 mmformat cameras have increased significantly from ~% in 2006 to ~% in 2012.Figure: India Interchangeable Lens Market Segmentation by Lens for 35 mm FormatCameras and Lens for < 35 mm Format Cameras, 2006-2012 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2006 2007 2008 2009 2010 2011 2012 For 35mm Format Cameras For < 35mm Format Cameras 12 © This is a licensed product of Ken Research and should not be copied
  • 13. INDIA DIGITAL CAMERA MARKET COMPETITIVE LANDSCAPEMARKET SHARE OF MAJOR PLAYERS IN THE COMPACT POINT & SHOOTCAMERA MARKET IN INDIA, 2011 AND 2012The Indian market of compact point & shoot cameras is dominated by Sony which accounted for~% of the sales of these cameras in 2012. This is followed by Nikon with ~% share in the totalsales of compact camera in the country. Canon is the third largest player in the category whoseshare has increased from ~% in 2011 to ………Figure: Market Share of Major Players in Digital Compact Camera Market of India bySales, 2011 and 2012 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2011 2012 Sony Nikon Canon Others 13 © This is a licensed product of Ken Research and should not be copied
  • 14. CHINA INTERCHANGEABLE LENS CAMERA MARKETCHINA INTERCHANGEABLE LENS CAMERA MARKET INTRODUCTION ANDSIZE, 2006-2012The interchangeable lens camera market in China comprises of DSLR cameras. The market hasregistered a robust growth during last six years on account of high demand for the DSLRcameras. A total of ~ million units of shipments was recorded in the country in 2012 whichincreased from ~ million units in 2006 by growing at a CAGR of ~% during 2006-2012. Thehigh demand for the DSLR cameras among the Chinese consumers is driven by a combination offactors such as ……….Figure: China Interchangeable Lens Camera Market Size by Shipments in Million Units,2006-2012 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2006 2007 2008 2009 2010 2011 2012CHINA DIGITAL CAMERA MARKET FUTURE OUTLOOK ANDPROJECTIONS, 2013-2017The digital camera market of China is estimated to experience a strong growth through 2017 onaccount of high demand for cameras with interchangeable lenses. The market is projected to 14 © This is a licensed product of Ken Research and should not be copied
  • 15. grow at a CAGR of ~% during 2012-2017 where it is estimated to reach shipment of ~ millionunits in 2017 from shipment of ~ million units in 2012. The market is expected to grow with adouble digit year-on-year growth in …………..Figure: China Digital Camera Market Size by Shipment in Million Units, 2013-2017 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2013 2014 2015 2016 2017JAPAN INTERCHANGEABLE LENS CAMERA MARKET FUTURE OUTLOOKANDFUTURE PROJECTIONS, 2013-2017The interchangeable lens camera market in Japan is estimated to grow at a CAGR of ~% through2017 where the market is estimated to reach ~ million units in 2017 by shipment from ~ millionunits in 2012. The high demand for the mirrorless interchangeable lens cameras and the DSLRsamong the Japanese consumers …………. 15 © This is a licensed product of Ken Research and should not be copied
  • 16. Figure: Japan Interchangeable Lens Camera Market Size by Shipment in Million Units,2013-2017 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2013 2014 2015 2016 2017JAPAN INTERCHANGEABLE LENS FOR < 35 MM FORMAT CAMERA MARKETINTRODUCTION AND SIZE, 2006-2012The shipment of the interchangeable lenses for < 35 mm format cameras has increasedconsistently during last six years in Japan. The market for these lenses has grown at a CAGR of~% during 2006-2012 where their shipment has reached to ~ million units in 2012 by growingfrom the shipment of ~ million units in 2006. The market for these lenses has experienced robustyear-on-year growth during last six years, however faced decline in ……….Figure: Japan Interchangeable Lens for < 35 mm Format Cameras Market Size byShipments in Million Units, 2006-2012 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2006 2007 2008 2009 2010 2011 2012 16 © This is a licensed product of Ken Research and should not be copied
  • 17. JAPAN DIGITAL CAMERA MARKET COMPETITIVE LANDSCAPEMARKET SHARE OF MAJOR PLAYERS IN THE DIGITAL CAMERA MARKET INJAPAN BY BRAND, 2011The Japanese digital camera market is dominated by Canon which holds ~% of the total digitalcamera sales in the country. This is followed by Sony which represents ~% of the digital camerasales in Japan. Panasonic is the third largest player and holds ~% share in the digital cameramarket of Japan. Nikon is the fourth largest player and accounts for ~% of the ……………Figure: Market Share of Major Brands in the Digital Camera Market of Japan, 2011 Canon Sony Panasonic Nikon Casio Fujifilm Olympus Pentax Ricoh OthersMARKET SHARE OF MAJOR PLAYERS IN THE MIRRORLESS CAMERAMARKET IN JAPAN, 2010-2012The mirrorless camera market in Japan is dominated by Olympus which accounts for ~% of thesales of these cameras in the country. This is followed by Panasonic which holds second positionand accounts for ~% of the sales of the mirrorless cameras in Japan. Sony is the third largest 17 © This is a licensed product of Ken Research and should not be copied
  • 18. player with a share of ~% in the mirrorless camera sales in the country. Nikon holds fourthposition with a share of ……………Figure: Market Share of Major Players in the Mirrorless Camera Market of Japan, 2010-2012 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2010 2011 2012 Olympus Panasonic Sony Nikon Pentax Ricoh Canon OthersOTHER ASIAN COUNTRIES DIGITAL CAMERAMARKET INTRODUCTION AND SIZE, 2006-2012The other Asian digital camera markets such as South Korea, Malaysia, Thailand, Singapore andPhilippines also contribute significantly in the digital camera market of Asia. The shipments ofdigital cameras in these countries together have however declined to ~ million units in 2012 bydecreasing from ~ million units in 2006 reflecting a decline at CAGR of ~% during 2006-2012.The shipments of the digital cameras have increased ……………. 18 © This is a licensed product of Ken Research and should not be copied
  • 19. Figure: Other Asian Countries Digital Camera Market Size by Shipment in Million Units,2006-2012 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2006 2007 2008 2009 2010 2011 2012SOUTH KOREA DIGITAL CAMERA MARKET SEGMENTATION, 2006-2012The digital camera market of South Korea is categorized into three segments which are –compact point & shoot cameras, DSLRs and the mirrorless interchangeable lens cameras. Thecompact point & shoot cameras dominate the digital camera market and account for ~% of thetotal sales of the digital cameras. These are followed by DSLRs which represent ~% of the totalsales of the digital cameras in the country. The third category of the mirrorless interchangeablelens cameras accounts …………..Figure: South Korea Digital Camera Market Segmentation by Compacts, DSLRs andMirrorless cameras, 2006-2012 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2006 2007 2008 2009 2010 2011 2012 MILCs DSLRs Compact Point & Shoots 19 © This is a licensed product of Ken Research and should not be copied
  • 20. SOUTH KOREA DIGITAL CAMERA MARKET COMPETITIVELANDSCAPEMARKET SHARE OF MAJOR PLAYERS IN THE MIRRORLESS CAMERAMARKET OF SOUTH KOREA, 2011 AND 2012The mirrorless camera market of South Korea is dominated by Sony which accounts for ~% ofthe sales of the mirrorless cameras in the country. Samsung is the second largest player with ashare of ~% in the sales of these cameras in the country. Nikon holds third position in the totalsales with a share of ~%. Olympus and Panasonic hold ~% and ~% share …………..Figure: Market Share of Major Players in the Mirrorless Camera Market of South Korea,2011 and 2012 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2011 2012 Others Panasonic Nikon Olympus Samsung Sony 20 © This is a licensed product of Ken Research and should not be copied
  • 21. DISCLAIMERThe research reports provided by Ken Research are for the personal information of theauthorized recipient and is not for public distribution and should not be reproduced orredistributed without prior permission. You are permitted to print or download extracts from thismaterial for your personal use only. None of this material may be used for any commercial orpublic use.The information provided in the research documents is from publicly available data and othersources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect todocuments available, neither the company nor any of its employees makes any warranty, expressor implied, including the warranties of merchantability and fitness for a particular purpose, orassumes any legal liability or responsibility for the accuracy, completeness, or usefulness of anyinformation, apparatus, product, or process disclosed, or represents that its use will not infringeprivately owned rights.The report also includes analysis and views expressed by our research team. The research reportsare purely for information purposes. The opinions expressed are our current opinions as of thedate appearing in the material and may be subject to change from time to time without notice.Investors should not solely rely on the information contained in the research documents and mustmake investment decisions based on their own investment objectives, risk profile and financialposition. The recipients of this material should take their own professional advice before actingon this information.Ken Research will not accept returns of reports once dispatched due to the confidentiality ofinformation provided in our reports. In case, a report qualify for return, we will issue a credit,minus shipping charges, of equal value to the original purchase price, toward a future purchase—no refunds. The decision about whether the product return can be accepted or not is solely at ourdiscretion. Any dispute will be subject to laws of India and exclusive jurisdiction of IndianCourts.No part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web site without written permission of Ken Research and any payments of aspecified fee. Requests to republish any material may be sent to us. 21 © This is a licensed product of Ken Research and should not be copied